Which Cities Are Best and Worst at Budgeting?

Many Americans around the country have no clue what they spend on things like housing, food and entertainment. But a new study sheds light on where the worst “budgeters” are: Florida, Nevada, Georgia and the Rust Belt.

Associated Press

In a new report, CardHub.com, a credit-card comparison website, says over 50% of U.S. consumers don’t keep a budget—and more than one in five don’t have a good idea of their spending. To figure out where the biggest offenders are, CardHub ranked the 30 biggest metro areas based on six factors: credit scores; debt-to-income ratios; combined bankruptcy and foreclosure rates; amount of “revolving” (credit card) debt adjusted for cost of living; total debt-to-median home price ratio; and non-housing expenses adjusted for cost of living, relative to average income.

“Being a good budgeter isn’t just about staying out of debt,” CardHub said. “Rather, the best budgeters make the most of what they have by adhering to a well-crafted spending plan that accounts for the unexpected while leaving little room for frivolity. The best budgeters know the difference between luxury and necessity and are able to steer clear of debilitating debt due to diligence and discipline, not pure earning power.”

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